Since our previous analysis, Gold has been trading sideways at the price of $1,342.00. According to the 4H time frame, I found trading range between the price of $1,330.00 (support) and the price of $1,357.60 (resistance). The price action suggesting that buyers protected the support (pin bars from the support). So, I am expecting testing of resistance at the price of $1,357.00. Be careful when selling and watch for potential buying opportunities.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,348.00
R2: 1,348.70
R3: 1,349.90
Support levels:
S1: 1,345.80
S2: 1,345.00
S3: 1,344.00
Trading recommendations for today: Selling looks risky, watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com http://ift.tt/2bMq79U
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